The streaming service will carry all Disney brands, including Marvel, Star Wars, National Geographic and Pixar. It will be similar to Disney's ESPN+ platform, which has 1 million subscribers.

Disney also announced new content coming to Disney+ that focuses on characters from the Marvel and Star Wars franchises. The Marvel series will focus on Loki from the Avengers series while the Star Wars show will be a prequel to Rogue One.

"Direct-to-consumer continues one of our top priorities," Disney CEO Bob Iger said on the earnings call.

Disney also said it plans to take streaming service Hulu, which it co-owns with Comcast and AT&T, to international markets and produce more original programming. Advertising rates could also go up for Hulu as it aims for a youthful audience.

"We think there's an opportunity to increase investment in Hulu, notably on the programming side," Iger said. "With this acquisition comes not only some great [intellectual property] but some excellent talent particularly on the TV side."

Hulu will have more general entertainment while Disney+ will focus on family-oriented programming.

Disney shares rose about 3 percent early Friday. Disney+ is planned to launch late next year.